BizCLIR

El Salvador has in place the basic necessary legal framework, institutions, and public will to combat financial crimes. However, some improvements are needed and the country must remain vigilant as, among other reasons, the 2001 adoption of the U.S. dollar as legal currency has made the country more attractive to money launderers and much in the world has changed since El Salvador first passed its laws regarding money laundering in 1998. More specifically, a law on terrorist financing, currently being developed, must be passed. In addition, the problems faced by the judiciary, as discussed in greater detail in other sections, also have a deleterious effect in this area. Nonetheless, the changes needed in El Salvador with respect to combating money laundering in particular, and other financial crimes in general, are ones primarily of updating and fine-tuning as opposed wholesale revision and reform.